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Boeing to lower 747-8 production rate

By Hpanchal on April 19, 2013

Boeing announced Friday that it is lowering the production rate for the 747-8 program.

The company will adjust the production rate from two airplanes to 1.75 airplanes per month because of lower market demand for large freighter and passenger airplanes.

Boeing expects long-term average growth in the air cargo market to resume in 2014, and forecasts a demand for 790 large airplanes to be delivered worldwide over the next 20 years.

To date, there are 110 orders for cargo and passenger versions of the 747-8, 46 of which have been delivered.

The first delivery of an aircraft at the new production rate is expected in early 2014. Boeing said the production rate change is not expected to have a significant financial effect.